Tuesday, May 19, 2009 | 12:36 p.m.
Billionaire investor Kirk Kerkorian's purchase of 14.3 million newly issued shares in MGM Mirage was not enough to maintain his controlling interest in the casino company.
Kerkorian announced the nearly $100 million purchase in a regulatory filing on Tuesday that also said he now owns more than 163 million shares.
MGM Mirage said Tuesday that it issued 164.5 million new shares in all, netting $1.1 billion as part of a plan it announced last week to raise $2.5 billion in new capital.
That takes Kerkorian's stake in the company from nearly 54 percent to just under 39 percent.
The Las Vegas-based casino operator originally said it would issue 81 million new shares under the plan, with Kerkorian buying 8.1 million.
MGM Grand, a AAA Four Diamond resort, offers 5,044 rooms and suites.
MGM Grand features KÀ by Cirque du Soleil; Brad Garrett’s Comedy Club; and world-class entertainment at the Grand Garden Arena and Hollywood Theatre.
The resort offers signature restaurants by celebrity chefs including Tom Colicchio’s Craftsteak, Emeril Lagasse’s New Orleans Fish House, Wolfgang Puck’s Bar & Grill and Michelin three star and Forbes Five Star restaurant, Joël Robuchon.
As part of its ongoing “Grand Renovation,” MGM Grand has remodeled all rooms and suites in its main tower and is adding several new experiences to its lineup including Hakkasan Las Vegas Restaurant and Nightclub, a new upscale dining/nightlife concept (coming in April 2013).
MGM Grand also features a state-of-the-art, non-smoking conference center, the Grand Spa, Cristophe Salon, "CSI: The Experience" and an inviting pool complex featuring the tantalizing daylife of Wet Republic.
Upscale accommodations include The Mansion, an exclusive hotel within the hotel; the luxurious two-story SKYLOFTS at MGM Grand; and The Signature at MGM Grand, a luxury all-suite, non-gaming hotel located adjacent to the main resort.
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